FG Endorses Bakassi Deep Seaport Project Worth $3.5bn

The Federal Government has pledged to fully support the Bakassi Deep Seaport Integrated Project, a major infrastructure aimed at transforming Nigeria’s maritime sector and boosting the nation’s economy.

Adegboyega Oyetola, minister of Marine and Blue Economy, gave the endorsement during a stakeholders’ engagement organised by the Cross River State Government in Calabar.

Represented by Olufemi Oloruntola, permanent secretary of the ministry, Oyetola said the Bakassi Deep Seaport would be Nigeria’s first agro-value chain-based deep seaport.

The project, which includes a 217-kilometer superhighway that would serve as the evacuation corridor to northern Nigeria, is expected to facilitate the export of key agricultural products such as rubber, timber, cocoa, palm oil, and livestock.

This, according to the Minister, would enhance Nigeria’s competitive edge in the global market while significantly boosting foreign exchange earnings.

“The Bakassi Deep Seaport is not just an infrastructure project; it is a symbol of our commitment to sustainable practices and economic diversification,” Oyetola said.

He lauded the Cross River State Government for adopting the Public-Private Partnership (PPP) model, which he described as a sustainable approach to funding, managing, and enhancing maritime infrastructure.

This model, he said, would ensure the port’s competitiveness and attractiveness to both local and international stakeholders from the onset.

Oyetola said the establishment of the Federal Ministry of Marine and Blue Economy is a strategic move to tap into the vast opportunities within Nigeria’s maritime sector and to support indigenous businesses in bridging infrastructural gaps.

“We are ready to support the successful realisation of the Bakassi Deep Seaport, a project that promises to be a game-changer for Nigeria’s maritime future,” Oyetola added.

He expressed confidence that the port will contribute significantly to Nigeria’s socio-economic development through job creation, trade facilitation, and increased revenue generation.

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He urged all stakeholders to seize the opportunities presented by the project and to continue supporting the growth of Nigeria’s maritime sector.

As Nigeria continues to modernise its ports and deliver new ones, the Bakassi Deep Seaport stands out as a pivotal project that could position the nation as a leading maritime power.

The Federal Government’s endorsement is a clear signal of its commitment to the success of this ambitious initiative, which is expected to drive the nation toward greater prosperity.